CANAL Corp - FORM 8-K - EX-99.1 - MONTHLY OPERATING REPORTS - October 27, 2010

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8-K - FORM 8-K - CANAL Corpd8k.htm

 

Exhibit 99.1

 

CASE NAME: CANAL CORPORATION    ACCRUAL BASIS

CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645,

08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651,

08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657,

08-36658, 08-36659, 08-36660

  
JUDGE: DOUGLAS O. TICE JR.   

UNITED STATES BANKRUPTCY COURT

EASTERN DISTRICT OF VIRGINIA

RICHMOND DIVISION

MONTHLY OPERATING REPORT

MONTH ENDING: September 6, 2010 To October 3, 2010

IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7A) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.

RESPONSIBLE PARTY:

 

/s/ J.P. CAUSEY JR.

     

EXECUTIVE VICE PRESIDENT

ORIGINAL SIGNATURE OF RESPONSIBLE PARTY     

TITLE

   

J.P. CAUSEY JR.

     

October 26, 2010

   
PRINTED NAME OF RESPONSIBLE PARTY     

DATE

   
PREPARER:        

/s/ KATHRYN L. TYLER

     

CONTROLLER

ORIGINAL SIGNATURE OF PREPARER     

TITLE

   

KATHRYN L. TYLER

     

October 26, 2010

   
PRINTED NAME OF PREPARER     

DATE

   

 

Page 1 of 11

 

CASE NAME: CANAL CORPORATION   ACCRUAL BASIS-1
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660  

BALANCE SHEET

 

     8/8/2010     9/5/2010     10/3/2010  

ASSETS

       

CURRENT ASSETS

       

Cash and cash equivalents

    $ 7,518,857      $ 7,437,286      $ 7,257,002   

Accounts receivable 1

      1,686,429        1,561,429        1,561,429   

Inventories

      —          —          —     

Prepaid expenses and other current assets

      67,752        57,984        48,216   

Income taxes receivable

      2,634,783        2,634,783        2,634,783   
                        

TOTAL CURRENT ASSETS

      11,907,821        11,691,482        11,501,430   

Gross property, plant and equipment:

      —          —          —     

Less accumulated depreciation

      —          —          —     
                        

Net property, plant and equipment

      —          —          —     

Investment

      2,147,983        1,991,864        1,967,502   

Net Intercompany receivable

      —          —          —     

Other assets

      27,798,182        27,798,182        27,798,182   
                        

TOTAL ASSETS

      41,853,986        41,481,528        41,267,114   
                        

CURRENT LIABILITIES

       

Accounts payable

      3,669        3,717        27,605   

Accrued expenses

      115,560        117,820        102,772   
                        

TOTAL CURRENT LIABILITIES

      119,229        121,537        130,377   
                        

LIABILITIES NOT SUBJECT TO COMPROMISE

      119,229        121,537        130,377   

LIABILITIES SUBJECT TO COMPROMISE2

      420,050,867        420,027,633        420,068,935   

STOCKHOLDERS’ EQUITY

       

Common stock

      20,238,486        20,238,486        20,238,486   

Additional paid-in capital

      98,740,698        98,740,698        98,740,698   

Accumulated other comprehensive income (loss)

      (2,484,470 )      (2,484,470 )      (2,484,470 ) 

Retained earnings

      (494,810,824 )      (495,162,356 )      (495,426,912 ) 
                        

TOTAL STOCKHOLDERS’ EQUITY

      (378,316,110 )      (378,667,642 )      (378,932,198 ) 
                        

TOTAL LIABILITIES AND STOCKHOLDERS EQUITY

    $ 41,853,986      $ 41,481,528      $ 41,267,114   
                        

 

1. Accounts receivable include $1,686,429, $1,561,429 and $1,561,429 of non trade receivables, deposits, advances and other miscellaneous receivables for July, August, and September, respectively.
2. Beginning with the period ended 3/7/2010 the company is no longer accruing interest on its pre-petition debt. In addition, pre-petition debt denominated in foreign currencies is no longer being revalued for changes in foreign exchange rates.

Pre-petition debt and accrued interest in GBP is valued at 1.5667 GBP to 1 USD and Pre-petition debt and accrued interest in Euros is valued at 1.3683 Euro to 1 USD.

 

Page 2 of 11

 

CASE NAME: CANAL CORPORATION   ACCRUAL BASIS-2

 

CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645,
08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651,
08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657,
08-36658, 08-36659, 08-36660		  

INCOME STATEMENT

 

     8/8/2010     9/5/2010     10/3/2010  

Net sales

    $ —        $ —        $ —     

Cost of products sold

      —          —          —     

Selling, general and administrative expenses

      50,776        40,629        62,552   

Gain (loss) on foreign currency translation1

      —          —          —     

Other income (loss), net

      45,644        —          —     
                        

Operating loss

      (5,132 )      (40,629 )      (62,552 ) 

Loss on divestiture

      —          —          —     

Reorganization costs and other financing costs

      (24,431 )      150,630        40,716   

Interest expense, net1

      (2,329 )      (2,449 )      (2,292 ) 
                        

Loss from continuing operations

      21,628        (188,810 )      (100,976 ) 

Intercompany income, net

      —          —          —     
                        

Loss from continuing operations before taxes

      21,628        (188,810 )      (100,976 ) 

Tax expense

      3,245        3,245        3,245   
                        

Loss before discontinued operations

      18,383        (192,055 )      (104,221 ) 

Loss (income) from discontinued operations, net of tax

      (51,372 )      159,477        160,335   
                        

Net (loss) income

    $ 69,755      $ (351,532 )    $ (264,556 ) 

 

1. Beginning with the period ended 3/7/2010 the company is no longer accruing interest on its pre-petition debt. In addition, pre-petition debt denominated in foreign currencies is no longer being revalued for changes in foreign exchange rates.

 

Page 3 of 11

 

CASE NAME: CANAL CORPORATION   ACCRUAL BASIS-3

 

CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645,
08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651,
08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657,
08-36658, 08-36659, 08-36660		  

CASH RECEIPTS AND DISBURSEMENTS

 

     8/8/2010     9/5/2010     10/3/2010  

Operating activities:

       

Net loss

    $ 8,864,010      $ 8,512,478      $ 8,247,921   

Depreciation and amortization

      —          —          —     

Changes in operating assets and liabilities, net of acquisitions and dispositions:

       

Accounts receivable, net

      308,597        433,598        433,598   

Inventories

      —          —          —     

Other assets

      (67,752 )      (57,984 )      (48,217 ) 

Accounts payable and accrued expenses

      (729,462 )      (727,155 )      (718,314 ) 

Income taxes payable

      1,033,696        1,196,418        1,359,998   

Loss on divestiture

      —          —          —     

Loss on sale of fixed assets

      —          —          —     

Other

      (11,120,574 )      (11,150,410 )      (11,248,326 ) 
                        

Net cash provided by operating activities

      (1,711,485 )      (1,793,056 )      (1,973,340 ) 
                        

Investing activities:

       

Purchases of property, plant and equipment

      —          —          —     

Divestitures

      —          —          —     

Proceeds from sales of property, plant and equipment

      —          —          —     

Other

      —          —          —     
                        

Net cash (used in) provided by investing activities

      —          —          —     
                        

Financing activities:

       

Net borrowings on credit lines

      —          —          —     

Payments on long-term debt

      —          —          —     

Proceeds from long-term debt

      —          —          —     

Intercompany

      —          —          —     

Other

      —          —          —     
                        

Net cash provided by (used in) financing activities

      —          —          —     
                        

Effect of foreign exchange rate changes on cash and cash equivalents

      —          —          —     

Increase (decrease) in cash and cash equivalents

      (1,711,485 )      (1,793,056 )      (1,973,340 ) 

Cash and cash equivalents at beginning of Year

      9,230,342        9,230,342        9,230,342   
                        

Cash and cash equivalents at end of Period

    $ 7,518,857      $ 7,437,286      $ 7,257,002   
                        

 

Page 4 of 11

 

CASE NAME: CANAL CORPORATION   ACCRUAL BASIS-4
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645,
08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651,
08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657,
08-36658, 08-36659, 08-36660		  

 

ACCOUNTS RECEIVABLE AGING1    SCHEDULE
AMOUNT		      MONTH      MONTH      MONTH  

1.                 0-30

       $ —         $ —         $ —     

2.                 31-60

         —           —           —     

3.                 61-90

         —           —           —     

4.                 91+

         —           —           —     

5.                 TOTAL ACCOUNTS RECEIVABLE

       $ —         $ —         $ —     

6.                 AMOUNT CONSIDERED UNCOLLECTIBLE

            

7.                 ACCOUNTS RECEIVABLE (NET)

       $ —         $ —         $ —     

 

1. Does not include deposits/advances which are included in the balance sheet and miscellaneous receivables not recorded under the AR sub ledger.

Following the sale on 4/30/2009 the debtors have no trade receivables.

 

AGING OF POSTPETITION TAXES AND PAYABLES         MONTH:        9/6/10-10/3/10           

TAXES PAYABLE

    0-30
DAYS		      31-60
DAYS		     61-90
DAYS		      91+
DAYS		      TOTAL  

1.                 FEDERAL

    $ —         $ —        $ —         $ —         $ —     

2.                 STATE

      —           —          —           —           —     

3.                 LOCAL

      —           —          —           —           —     

4.                 OTHER (ATTACH LIST)

      —           —          —           —           —     

5.                 TOTAL TAXES PAYABLE

    $ —         $ —        $ —         $ —         $ —     

6.                 ACCOUNTS PAYABLE

    $ 27,605       $ —        $ —         $ —         $ 27,605   

 

STATUS OF POSTPETITION TAXES         MONTH:         9/6/10-10/3/10           
     BEGINNING
TAX
LIABILITY*		      AMOUNT
WITHHELD
AND/ 0R
ACCRUED		      AMOUNT
PAID		      ENDING
TAX
LIABILITY		  

FEDERAL

           

1.                 WITHHOLDING**

    $ —         $ —         $ —           —     

2.                 FICA-EMPLOYEE**

      —           —           —           —     

3.                 FICA-EMPLOYER**

      —           —           —           —     

4.                 UNEMPLOYMENT

      —           —           —           —     

5.                 INCOME

      —           —           —           —     

6.                 OTHER (ATTACH LIST) franchise taxes

      —           —           —           —     

7.                 TOTAL FEDERAL TAXES

    $ —         $ —         $ 0       $ —     

STATE AND LOCAL

           

8.                 WITHHOLDING

    $ —         $ —         $ —           —     

9.                 SALES

      —           —           —           —     

10.               EXCISE

      —           —           —           —     

11.               UNEMPLOYMENT

      —           —           —           —     

12.               REAL PROPERTY

      —           —           —           —     

13.               PERSONAL PROPERTY

      —           —           —           —     

14.               OTHER

      —           —           —           —     

15.               TOTAL STATE & LOCAL

    $ —         $ —         $ —         $ —     

16.               TOTAL TAXES

    $ —         $ —         $ —         $ —     

 

* The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero.
** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment or deposit.

 

Page 5 of 11

 

CASE NAME: CANAL CORPORATION   ACCRUAL BASIS-5
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660

The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc.

Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary.

 

              MONTH:        9/6/10-10/3/10   
BANK RECONCILIATIONS   

A. BANK:

     Wachovia        Wachovia        Wachovia        Wachovia        Wachovia        Wachovia     

B. ACCOUNT NUMBER:

     2000044344937        2000044344953        2000049760707        2000042096355        2000042096368        2000028428497        TOTAL   

C. PURPOSE (TYPE):

     Money Market        Money Market        Money Market        Deposit/Wdrwl        Deposit/Wdrwl        Deposit/Wdrwl     
1.   BALANCE PER BANK STATEMENT   $ 5,030,054      $ 1,103,212      $ 825,281      $ 139,714      $ 260,926      $ 5,617      $ 7,364,804   
2.   ADD: TOTAL DEPOSITS NOT CREDITED           —              —     
3.   SUBTRACT: OUTSTANDING CHECKS         (80,129 )      (28,048 )          (108,177 ) 
4.   OTHER RECONCILING ITEMS     —                    —     
5.   MONTH END BALANCE PER BOOKS     5,030,054        1,103,212        745,152        111,666        260,926        5,617        7,256,627   
6.   NUMBER OF LAST CHECK WRITTEN     N/A        N/A        N/A        N/A        N/A        N/A        N/A   
INVESTMENT ACCOUNTS   

BANK, ACCOUNT NAME & NUMBER

                 DATE OF
PURCHASE		     TYPE OF
INSTRUMENT		     PURCHASE
PRICE		     CURRENT
VALUE		  

7.

                

8.

                

9.

                

10.

                

11.

   TOTAL INVESTMENTS                  —     
CASH                

12.

   CURRENCY ON HAND                $ 375   

13.

   TOTAL CASH - END OF MONTH                 $ 7,257,002   

 

Page 6 of 11

 

CASE NAME: CANAL CORPORATION   ACCRUAL BASIS-6
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660   MONTH: 9/6/10-10/3/10

PAYMENTS TO INSIDERS AND PROFESSIONALS

OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE) AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY.

INSIDERS

 

NAME

   

TYPE OF

PAYMENT

   

AMOUNT
PAID

     

TOTAL PAID

TO DATE

  

1.

    See Appendix A      

2.

         

3.

         

4.

         

5.

         

6. TOTAL PAYMENTS TO INSIDERS

       $ —         $ —     

PROFESSIONALS

 

NAME

   

DATE OF COURT
ORDER AUTHORIZING
PAYMENT

     

AMOUNT
APPROVED

     

AMOUNT
PAID

     

TOTAL PAID
TO DATE

     

TOTAL
INCURRED
& UNPAID *

  

1. Alvarez & Marsal

             $ 638,301      

2. FTI Consulting

               61,845      

3. Goldman Sachs

               4,142,218      

4. Gordian Group LLC

               482,214      

5. Greenberg Traurig, LLP

      9/8/2010         4,723         4,723         1,165,773         6,000   

6. Hammonds

               122,338      

7. Hunton & Williams

      9/8/2010         4,172         4,172         2,369,083         62,909   

8. Ivins, Phillips, & Barker

            23,092         1,129,010         2,200   

9. Kekst & Company

               7,513      

10. Kurtzman Carson Consultants

            3,807         517,039         5,000   

11. Lowenstein & Sandler PC

               25,176         1,327   

12. Tavenner & Beran

               54,920         15,000   

13. Quarles & Brady **

      9/15/10; 9/28/10         142,804         97,916         2,958,316         90,000   

TOTAL PAYMENTS TO PROFESSIONALS

       $ 151,699       $ 133,710       $ 13,673,745       $ 182,436   

 

* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED. INCURRED FEES ARE MANAGEMENT ESTIMATES.
** Remainder of amount approved but not paid to be paid by insurance

POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS

 

NAME OF CREDITOR

   

SCHEDULED
MONTHLY
PAYMENTS
DUE

     

AMOUNTS
PAID
DURING
MONTH

     

TOTAL
UNPAID
POSTPETITION

  

2. James Center Property LLC

      3,000         3,000         —     

3. Ikon Leasing

      798         798         —     

3. Lanier Parking Solutions

      175         175         —     

TOTAL

    $ 3,973       $ 3,973       $ —     

 

Page 7 of 11

 

CASE NAME: CANAL CORPORATION   APPENDIX A

CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660

PAYMENTS TO INSIDERS AND PROFESSIONALS

MONTH: 9/6/10-10/3/10

OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE) AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY.

INSIDERS

 

NAME

   

TYPE OF

PAYMENT

   

July Amount

Paid

     

August Amount

Paid

     

September Amount

Paid

     

TOTAL PAID

TO DATE

  

1.     Alvarez & Marsal

    Professional    $ —         $ —         $ —           638,301   

2.     Buchan, Brian J

    BOD Fees      —           —           —           14,494   

3.     Causey Jr, John Paul

    Payroll      —           —           —           328,497   

4.     Causey Jr, John Paul

    Expense Reimb      737         —           244         10,007   

5.     Causey Jr, John Paul

    Professional      23,430         —           10,530         57,330   

6.     Decaluwe, Rafael C

    BOD Fees      —           —           —           30,365   

7.     Fell, Sir David

    BOD Fees      —           —           7,000         144,454   

8.     Formacek, Candace C.

    Payroll      —           —           —           69,375   

9.     Formacek, Candace C.

    Expense Reimb      —           —           —           2,905   

10.   Fowden, Jerry

    BOD Fees      —           —           —           10,705   

11.   FTI Consulting

    Professional      —           —           —           61,845   

12.   Goldman Sachs

    Professional      —           —           —           4,142,218   

13.   Gordian Group

    Professional      —           —           —           482,214   

14.   Greenberg Traurig

    Professional      —           —           4,723         1,165,773   

15.   Hammonds LLP

    Professional      —           —           —           122,338   

16.   Hellyar, Mary Jane

    BOD Fees      —           —           —           18,071   

17.   Henderson, Thomas

    Expense Reimb      —           —           —           9,658   

18.   Henderson, Thomas M

    Payroll      —           —           —           75,000   

19.   Henfling, Robin

    Payroll      —           —           —           94,386   

20.   Henfling, Robin

    Expense Reimb      —           —           —           8,231   

21.   Hockett, Vincent W.

    Payroll      —           —           —           99,375   

22.   Hockett, Vincent W.

    Expense Reimb      —           —           —           2,455   

23.   Hunton & Williams LLP

    Professional      —           24,431         4,172         2,369,083   

24.   Ivins, Phillips & Baker

    Professional      —           —           23,092         1,129,010   

25.   Kekst & Company

    Professional      —           —           —           7,513   

26.   Kohut, Andrew J

    Payroll      —           —           —           211,993   

27.   Kohut, Andrew J

    Expense Reimb      —           —           —           1,189   

28.   Kohut, Andrew J

    BOD Fees      —           —           3,750         32,650   

29.   Lowenstein Sandler PC

    Professional      —           —           —           25,176   

30.   Kurtzman Carson Consultants

    Professional      1,392         6,630         3,807         517,039   

31.   McKeough, John

    Expense Reimb      —           —           —           16,030   

32.   Mckeough, John P.

    Payroll      —           —           —           66,298   

33.   Mostrom, Joel K.

    Payroll      —           —           —           128,244   

34.   Mostrom, Joel K.

    Expense Reimb      —           —           —           1,862   

35.   Naftzger, Christopher

    Payroll      —           —           —           77,076   

36.   Naftzger, Christopher

    Expense Reimb      —           —           —           2,671   

37.   Petit, Henri

    BOD Fees      —           —           2,625         42,335   

38.   Quarles & Brady

    Professional      585,181         29,836         97,916         3,056,232   

39.   Rosenblum, DR. John W.

    BOD Fees      —           —           3,750         69,050   

40.   Swade, Terry A.

    Payroll      —           —           —           38,625   

41.   Swade, Terry A.

    Expense Reimb      —           —           —           490   

42.   Tavenner & Beran

    Professional      —           —           —           54,920   

43.   Thelander, Beverly L.

    BOD Fees / Exp      —           —           3,750         73,873   

44.   Turley, Troy

    Expense Reimb      —           —           —           11,302   

45.   Turley, Troy L.

    Payroll      —           —           —           60,553   

46.   Winter, David A

    Payroll      —           —           —           72,402   

47.   Winter, David A

    Expense Reimb      —           —           —           251   

TOTAL PAYMENTS TO INSIDERS

       $ 610,740       $ 60,897       $ 165,359       $ 15,653,864   

 

Page 8 of 11

 

CASE NAME: CANAL CORPORATION     ACCRUAL BASIS-7
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08 -36660     MONTH: 9/6/10-10/3/10

QUESTIONNAIRE

 

     YES      NO  

1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD?

         X   

2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT?

         X   

3. ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES?

         X   

4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD?

         X   

5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY?

         X   

6. ARE ANY POSTPETITION PAYROLL TAXES PAST DUE?

         X   

7. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE?

         X   

8. ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE?

         X   

9. ARE ANY OTHER POSTPETITION TAXES PAST DUE?

         X   

10. ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT?

         X   

11. HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD?

         X   

12. ARE ANY WAGE PAYMENTS PAST DUE?

         X   

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “YES,” PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.

 

Page 9 of 11

 

CASE NAME: CHESAPEAKE CORPORATION   ACCRUAL BASIS-7a
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660   MONTH: 9/6/10-10/3/10

INSURANCE

 

   YES    NO

1. ARE WORKER’S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT?

    X   

2. ARE ALL PREMIUM PAYMENTS PAID CURRENT?

    X   

3. PLEASE ITEMIZE POLICIES BELOW.

      

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “NO,” OR IF ANY POLICIES HAVE BEEN

CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION

BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.

MONTH ENDING: September 6, 2010 To October 3, 2010

INSURANCE SCHEDULE

 

Type

   

Carrier/Agent

   

Period Covered

    Payment Amount     

Frequency

General Liability    Century Surety Company    4/24/10-4/24/11    $ 987       Paid at Inception
Umbrella Liability    Century Surety Company    4/24/10-4/24/11    $ 4,357       Paid at Inception
Commercial Property    The Harford    4/24/10-4/24/11    $ 6,392       Paid at Inception
Primary Directors & Officers Liability Insurance    National Union Fire Insurance Company of Pittsburgh (AIG)    1/1/10 - 1/1/11    $ 50,000       Paid at Inception
Excess Directors and Officers Liability    Ace American Insurance Company    1/1/10 - 1/1/11    $ 25,000       Paid at Inception
Directors and Officers Liability Excess DIC Policy    Ace American Insurance Company    1/1/10 - 1/1/11    $ 20,000       Paid at Inception
Fiduciary Liability    National Union Fire Insurance Company of Pittsburgh (AIG)    1/1/10 - 1/1/11    $ 15,000       Paid at Inception
Employed Lawyers Liability (policy period ammendment)    Chartis Specialty Insurance Company    1/1/10 - 1/1/14    $ 16,752       Paid at Inception
US Workers Compensation    Twin City Fire Insurance Company    5/1/10-5/1/11    $ 1,052       Paid at Inception
Natural Resources Liability and Clean-Up    American International Specialty Lines Insurance Company    12/31/00 - 12/31/20    $ 6,500,000       Paid at Inception

 

Page 10 of 11

 

CASE NAME: CANAL CORPORATION   APPENDIX B

CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660

SCHEDULE OF AUTHORIZED FOX RIVER EXPENSES PAID FROM FOX RIVER EXPENSE ACCOUNT

DISBURSEMENTS MADE THROUGH SEPTEMBER 5, 2010

 

            NAME   

DATE

     

AMOUNT

  

1.     Latham & Watkins

      1/20/2010       $ 175,000   

2.     Quarles & Brady, LLP

      1/25/2010         109,913   

3.     Quarles & Brady, LLP

      3/30/2010         33,100   

4.     CH2MHILL

      4/17/2010         12,111   

5.     Quarles & Brady, LLP

      6/12/2010         245,767   

6.     Quarles & Brady, LLP

      7/10/2010         585,181   

7.     Quarles & Brady, LLP

      8/28/2010         29,836   

8.     Quarles & Brady, LLP

      9/19/2010         17,787   

9.     Quarles & Brady, LLP

      9/28/2010         80,129   
           

TOTAL PAYMENTS

       $ 1,288,824   
           

 

Page 11 of 11

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